MKT 100 Chapter Notes - Chapter 1: Target Market, Toyota Electronic Modulated Suspension, Mobile Social Network

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Yanina Chevtchouk

Document Summary

Marketing is a set of business practices designed to plan for and present an organization"s products or services in ways that build effective customer relationships. Specifies marketing activities for a specific period of time. How the product or service will be conceived or designed. Where and how it will be promoted. How it will get to the consumer. In any exchange, the buyer and the seller should be satisfied with the value they obtained from a transaction. Marketing is about satisfying customer needs and wants. Marketing requires product, price, place, and promotion decisions (4. Marketing can be performed by both individuals and organizations. Need basic necessities, such as food, clothing, shelter, and safety. Want the particular way in which a person chooses to satisfy a need, which is shaped by a person"s knowledge, culture, and personality. To understand customer needs and wants, the company must first identify the customers or market for its product or service.